Tata Housing launches $ 400 m mixed project

Tata Housing, India’s fast growing real estate development company and a wholly-owned subsidiary of Tata Sons launched its mixed use township in Colombo last week.

A first-of-its-kind initiative by an Indian real estate company, it will involve investments of over $ 400 million. The UDA has found temporary accommodation for the residents of the area till the the completion of the project which aims at eradicating underserved settlements and provide better housing facilities for the occupants of over 550 residences.

The project in partnership with the UDA (Urban Development Authority) will construct residences for the present tenants in phase one and also launch a mixed use development project at Slave Island.

The occupants will have condominium ownership and the privilege of a mortgage facility by ownership. The luxury project, will have four residential towers (each tower consisting of 36 floors) and approximately 650 units comprising one, two, three, four bedroom units and duplexes and penthouses.

It will also feature a commercial retail area, commercial office space and hotels and service apartments.

MD and CEO, Tata Housing, Brotin Banerjee said, “Tata Housing clearly recognises the opportunity for long term and sustained growth in the Sri Lankan housing market.

"The investment represents our strong ties with our neighbours and urban renewal within prime locations of the country.”

“We assure the government of world-class infrastructure aligned to the growth needs of the economy. Our association is an endorsement of the Tata trust that holds strong globally,” he said.

UDA Chairman Nimal Perera said, “We are glad to partner with Tata Housing to pilot the first redevelopment project under the PPP model which will provide a better quality of life for the present tenants.

The experience of Tata Housing and its focus on quality would result in this project being a landmark in Colombo.”

Tenants will have access to a completely new environment enhancing the standard of life with proper ventilation, sanitary facilities and lifts along with open spaces under the project.

It will also provide better roads, drainage, security and other benefits of modern living with amenities such as gymnasium, community hall and children's play area.